Lomond Capital says its has received an undisclosed private equity investment to fund its acqusition programme of letting agencies across the UK.
Since Lomond launched in late 2010 it has become a significant force in the Manchester, Edinburgh and Aberdeen markets by acquiring more than 20 businesses. It currently has approximately 7,500 properties under management and has assets under management in excess of £1.6 billion.
The new funding is from MML Capital Partners, which takes a minority share in Lomond.
Lomond describes its strategy as being to acquire and grow high quality regional property asset management businesses, then to provide additional services.
Stuart Pender, Chief Executive of Lomond, says MML has a strong track record in funding buy and build' businesses and we look forward to working together to expand further, especially south of the border.
Lomond has already let it be known that Leeds and Birmingham are to locations where it wants to establish a presence.
Its activities in Aberdeen may be a template for future growth. In the Granite City it has 1,600 units under its management worth £365m and the various lettings brands it has acquired in recent years - Simpson Brebner, KWAD, Bon Accord, Yvonne Moir and Alex Hutcheon - have now been brought together under one name, Stonehouse.
Lomond's most recent acquisition has been Vital Space, a Manchester city centre lettings business, which will be absorbed into the firm's existing budiness in the city, Thornley Groves.
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